On 10 December 2014, CSR (Vic) v Lend Lease Development P/L [2014] HCA 51 decided that stamp duty is calculated on the purchase price of land plus the value of infrastructure works and payments under related contracts.
The High Court has overturned the decision in Lend Lease Development P/L v CSR (Vic) [2013] VSCA 207.
Practitioners should consider if they have any past or current property acquisition contracts that have linked infrastructure works and payments upon which extra duty is payable on the value of infrastructure works and payments.
A voluntary disclosure may be necessary in respect of relevant past property acquisition contracts and current contracts may require re-negotiation and amendment.